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sdas [7]
2 years ago
12

Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, an

d lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data.
Raw Materials Inventory $4,400 Manufacturing Overhead Applied $33,100
Work in Process Inventory $5,750 Manufacturing Overhead Incurred $32,200
Subsidiary data for Work in Process Inventory on June 1 are as follows.
Job Cost Sheets
Customer Job
Cost Element Rodgers Stevens Linton
Direct materials $700 $900 $1,000
Direct labor 300 500 600
Manufacturing overhead 375 625 750
$1,375 $2,025 $2,350
During June, raw materials purchased on account were $4,900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $500 incurred on account.
A summary of materials requisition slips and time tickets for June shows the following.
Customer Job Materials Requisition Slips Time Tickets
Rodgers $800 $800
Koss 1,900 800
Stevens 600 300
Linton 1,200 1,000
Rodgers 400 300
4,900 3,200
General use 1,600 1,300
$6,500 $4,500
Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $ 20,600. Each customer paid in full.
Business
1 answer:
kvv77 [185]2 years ago
6 0

Answer:

Raw Material (Dr.) $4,900

Accounts Payable (Cr.) $4,900

Factory Labor wages (Dr.) $1,400

Cash (Cr.) $1,400

Additional Overheads (Dr.) $1,300

Accumulated Depreciation (Cr.) $800

Accounts Payable (Cr.) $500

Explanation:

Work in process inventory (Dr.) $5,750

Manufacturing Overhead (Cr.) $5,750

Finished Goods Inventory (Dr.) $20,600

Work in process inventory (Cr.) $20,600

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Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Com
omeli [17]

Answer:

Explanation:

The preparation of the  stockholders' equity section of the balance sheet is shown below:

Common stock, $10 par value,

103,000 shares authorized and 20,000

shares of common stock issued                    $200,000  (20,000 × $10)

Paid in capital in excess of par value $120,000      {20,000 shares × ($16 - $10)}

Preferred stock, 3000 shares issued at par       $24,000      (3,000 shares × $8)

Paid in capital in excess of par value $36,000     {3,000 shares × ($20 - $8)}

Retained earnings                               $60,000

Total                                                     $440,000                  

7 0
3 years ago
What does the federal reserve board of governors control
sleet_krkn [62]
<span>The Federal Reserve System, the central bank of the United States, conducts the nation's monetary policy, supervises and regulates banks, and provides a variety of financial services to the U.S. government and to the nation's banks. The Federal Reserve System is supervised by the Board of Governors.
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5 0
3 years ago
The following information is provided for a company. Accounts payable $ 15,000 Buildings 80,000 Cash 10,500 Accounts receivable
stealth61 [152]

Answer:

$60,000

Explanation:

Given that,

Accounts payable = $15,000

Buildings = 80,000

Cash = 10,500

Accounts receivable = 9,500

Salaries payable = 4,500

Retained earnings = 47,500

Supplies = 40,000

Notes payable (due in 18 months) = 35,000

Interest payable = 3,000

Common stock = 35,000

Amount of current assets:

= Cash + Accounts receivable + Supplies

= $10,500 + $9,500 + $40,000

= $60,000

Therefore, the amount of current assets is $60,000.

8 0
3 years ago
Suppose in 1992, the average price level in Pacifica was 100, and that in Atlantica it was also 100. In the foreign exchange mar
wolverine [178]

Answer:

a. 1 Pound/1.29 or 0.78 Pound/Mark

b. Overvalued

Explanation:

a. What should the pound-mark exchange rate be in 2012?

Ratio of Pacifica pound to Atlantica mark in 2012 = 360/280 = 1.29

Or,

Ratio of Atlantica mark to Pacifica pound in 2012 = 280/360 = 0.78

Therefore, according to the relative purchasing power parity (PPP) theory, one Pacifica pound should equal to 1.29 Atlantica mark, i.e. 1 Pound/1.29 Mark.

This can also be stated differently that 1  Atlantica mark should equal to 0.78 Pacifica pound, i.e. 0.78 Pound/Mark.

b. If the actual pound per mark exchange rate is 0.5 pound/mark in 2012, is the mark overvalued or undervalued relative to its PPP value

Since the PPP pound per mark exchange rate value estimated in a above is 0.78 Pound/ Mark is higher than the actual pound per mark exchange rate of 0.5 pound/mark in 2012, mark is therefore overvalued.

8 0
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8 0
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